The NEW waiting to exchange thread...

PERMOTIO

Flugelhorn said:

PERMOTIO said:

Hi guys, due to exchange today with completion set for next Friday.
Did you hear from your solicitors once exchange had taken place?

Yes got an e-mail to say that had exchanged

Thanks, I'll keep my fingers crossed! Congratulations on your exchange, btw.
 

Flugelhorn

PERMOTIO said:

Flugelhorn said:

PERMOTIO said:

Hi guys, due to exchange today with completion set for next Friday.
Did you hear from your solicitors once exchange had taken place?

Yes got an e-mail to say that had exchanged

Thanks, I'll keep my fingers crossed! Congratulations on your exchange, btw.
 

Keeping fingers crossed for you too! 
hurray have managed to cancel SKY... hardest job so far 

chillicheesedog

fiision2020 said:

I was all ready to exchange yesterday. Paperwork signed, deposit paid to solicitor. All we needed from the vendor was an indemnity insurance as the building regs for an extension were incomplete. This was a really minor issue which the sellers agreed to however nothing happened. The vendor has been on my back from day one (over 3 months ago) to get things done quickly. I have spent countless hours on the phone to brokers,solicitors, EA's,surveyors and the vendor, chasing everything up and keeping everyone in the loop. We get to the final hurdle and the vendor is now the one to be holding things up. He has not instructed his solicitor to exchange yet and wants to wait for next week?? As you can imagine I'm now starting to worry that there is going to be an unpleasant surprise................like another buyer waiting in the wings?

There could be so many reasons why they aren't ready, no point driving yourself crazy about it! We signed and paid deposit on Wednesday and have been twiddling our thumbs wondering whether it's going to happen today as solicitor hadn't heard back from vendor's solicitor about being happy for Friday exchange.
Would be great if it happened, as have to give notice on the flat 😬

Jamaicanmelaff

Jamaicanmelaff said:

 Jamaicanmelaff said:

Gonna join this thread now I'm done stalking the mortgage and endowments page! Sorry, it's gonna be a really long one cos I'm a pre-lockdown case and there've been a few hiccups along the way.

• 7th and 10th March viewed property
• 12th March offer accepted
• 18th March met with first broker to go through application - I was naive and was using an estate agent broker. Lockdown seemed to be looming but he assured me that if it did occur, he would have all my documents etc at home and would continue working on my case. As income has increased over last 3 years, advised me to submit my 2019/20 tax return on 6th April and he would include my income for that year as by the time the application was reviewed I'd have my SA302 and tax year overview to prove it, so to send those through in April.
• 8th April sent broker SA302 and tax year overview for 2019/20. Got a brief thanks, will submit back.
• 15th April chased broker as not heard anything at all. Got an auto reply saying he was furloughed.
• 29th April - after 2 weeks spent chasing the company my broker worked for and being given the run around, finally got hold of someone who confirmed my application was never submitted in the first place. Fired them, obviously, requested back my "payable on application" fee be refunded - received a month later.
• 30th April - had a phone consultation with L&C to go through all my circumstances etc. Advised with the current climate and being self-employed it would help massively to increase my deposit to 20% if possible. It was, but I wouldn't have full amount until the 15th May.
• 1st May - application submitted to HSBC. HSBC said they required the full proof of deposit so to wait to submit all docs until I had my next bank statements.
• 4th June - documents submitted to HSBC.
• 8th June - additional docs requested by HSBC due to self-employment and Covid income checks.
• 6th July - HSBC said the underwriters were assessing and that hopefully by Fri 10th would have either another request for docs/info or instruct valuation.
• 13th July - HSBC advised underwriters were assessing and that hopefully by Fri 17th they'd either request more docs or instruct valuation. L&C queried why the update was identical to a week before and why there had been such long delays. Told it was now with senior underwriters and all previous delays had been due to issues with the HSBC legacy portal (foreign income) and the docs they'd said were in the queue for 4 weeks had actually been on the portal unnoticed and not in any queue (despite L&C also emailing them). L&C escalated case and asked BDM to instruct valuation immediately.
• 13th July - also received results of damp report that had been instructed before lockdown but unable to proceed. No major issues - YAY!
• 16th July - Mortgage offer received.
• 17th July - instructed solicitor to begin searches and booked homebuyer's report for 31st July.

And that's it so far. PHEW. So glad that my seller is unbelievably patient. Everyone who speaks to her tells me how lovely she is. This would've been even more stressful if she'd been putting pressure on too.

Not updated this for a while. Solicitor has approved contract and sent initial enquiries to seller's solicitor but is still waiting for the local searches to come back (my council says 30 working days because my council is !!!!!! lol). Homebuyer's report came back and nothing too major, a couple of things to sort out straightaway but nothing unexpected and plenty of money between offer and valuation to allow for it. Sent my seller a bunch of flowers to thank her for her patience and got a lovely email back so all good on that side and happy to wait. Hopefully neither of us will be waiting too much longer!

Still no update on exchange or completion here. My local council’s ridiculous 6 week/30 working day turnaround time for searches with no option to rush or escalate is proving to be accurate, so still waiting for them to come back. I have a LISA though so know it will be at least a month from the date the solicitor requests those funds, which she won’t have done yet. Slow, slow progress here in South Wales! 

chillicheesedog

Well, very unexpectedly we actually exchanged today!!!
Literally the last minutes of the day.
Turns out the seller had the docs signed weeks ago and their solicitor was just being incredibly slow. After a quick call to seller they chased their solicitor and it all went through!
Hallelujah!
Completion for end of September 🥳

fiision2020

chillicheesedog said:

Well, very unexpectedly we actually exchanged today!!!
Literally the last minutes of the day.
Turns out the seller had the docs signed weeks ago and their solicitor was just being incredibly slow. After a quick call to seller they chased their solicitor and it all went through!
Hallelujah!
Completion for end of September 🥳

Congratulations. 

izoomzoom

We (exchange and) completed TODAY
Just under 3 months from decision to staircase to 100% on our shared ownership home. We bought the first 50% 14 years ago.

Full timeline here:
29/5 - Initial enquiry to MA
6/6 - Initial visit with MA and confirmation of what we could afford (probably DIP)
8/6 - Instructed Valuation
9/6 - Valuation conducted
9-22/6 - Assembling numerous old 'improvements' paperwork, so that we could have before & after improvements valuations
27/6 - Valuation price accepted by us
28/6 - Solicitor instructed
4/7 - Final documentation to MA
9/7 - Mortgage Application submitted
27/7 - Mortgage Offer issued
30/7 - Returned Signed Memorandum of Final Staircasing Document
12/8 - Completion proposed for 21/8
18/8 - Confirmed completion would be 21/8
21/8 - Exchange failed - vendor not signed something.
25/8 - Reconfirmed completion would be 28/8
28/8 - Congratulation you've completed email received from Solicitor at 14:33 hrs.

carlyfluck

izoomzoom said:

We (exchange and) completed TODAY
Just under 3 months from decision to staircase to 100% on our shared ownership home. We bought the first 50% 14 years ago.

Full timeline here:
29/5 - Initial enquiry to MA
6/6 - Initial visit with MA and confirmation of what we could afford (probably DIP)
8/6 - Instructed Valuation
9/6 - Valuation conducted
9-22/6 - Assembling numerous old 'improvements' paperwork, so that we could have before & after improvements valuations
27/6 - Valuation price accepted by us
28/6 - Solicitor instructed
4/7 - Final documentation to MA
9/7 - Mortgage Application submitted
27/7 - Mortgage Offer issued
30/7 - Returned Signed Memorandum of Final Staircasing Document
12/8 - Completion proposed for 21/8
18/8 - Confirmed completion would be 21/8
21/8 - Exchange failed - vendor not signed something.
25/8 - Reconfirmed completion would be 28/8
28/8 - Congratulation you've completed email received from Solicitor at 14:33 hrs.

Congratulations. We are just starting our shared ownership journey. Very nervous but it’s nice to hear stories like this. 

chillicheesedog

fiision2020 said:

chillicheesedog said:

Well, very unexpectedly we actually exchanged today!!!
Literally the last minutes of the day.
Turns out the seller had the docs signed weeks ago and their solicitor was just being incredibly slow. After a quick call to seller they chased their solicitor and it all went through!
Hallelujah!
Completion for end of September 🥳

Congratulations. 

Thank you! 

Flugelhorn

chillicheesedog said:

Well, very unexpectedly we actually exchanged today!!!
Literally the last minutes of the day.
Turns out the seller had the docs signed weeks ago and their solicitor was just being incredibly slow. After a quick call to seller they chased their solicitor and it all went through!
Hallelujah!
Completion for end of September 🥳

Hooray! It really is a great feeling